Since you and your wife have renovation skills, targeting properties that need minor improvements can maximize your return on investment while minimizing the time and cost associated with major renovations.

Of course, many investors bend/break this rule, but that's another risk.2) If your bid wins the foreclosure auction, you then have to deal with getting rid of any occupants - who may steal/damage everything they can in retaliation:(3) You MUST have a great crew on the ground that can minimize surprises - not easy to do on your first deal.Regardless if you buy a foreclosure or other property, read our copy & paste advice below:-----------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Some cities like S.F. are even providing FREE alcohol, marijuana and methadone to these people.

Start small by buying a duplex or single-family home with minimal renovation and in good rental areas.

This minimizes risk and lets you build confidence as you gain more experience.

What are the best strategies you’ve used to minimize this risk and keep projects on track? 

Highlight efforts to minimize displacement, such as offering lease renewals or supporting affordable housing initiatives, and share data to clarify financial realities.

If we throw all of this out of the window, what would you recommend I set up for both asset protection, minimizing tax liability (including CA crazy $800 per LLC fee), and probate planing.

Start with a small deposit, to minimize your potential losses.

We have minimal resources as far as money goes, but we have a relatively long list of upgrades (window treatments, hardware, light fixtures, paint, etc).